FxWirePro: EUR/GBP retraces from peak at 0.9087, momentum firmly bullish

EUR/GBP chart on Trading View used for analysis

• EUR/GBP spikes past 0.90 handle to hit peaks at 0.9087 as UK PM May postponed the Parliamentary vote.
   
• The pair pared some of the gains to close at 0.9037, bias remains bullish.
   
• Ireland's Coveney opened the door to a new declaration on the backstop lending support to the pound. Further upbeat UK employment data buoyed GBP. 
   
• That said, Brexit uncertainty to keep the pair supported. Price on track to close in the green for the 3rd straight week.
   
• Price action holds above 78.6% Fib and we see weakness on break below 5-DMA at 0.8962.
   
• Bulls target 0.9098 (Aug highs) and further bullishness will see test of 0.9120 (major trendline resistance)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.